Keystone has decided to increase the loan amount of buy to lets that they release to their customers following feedback that was gathered from brokers. According to the brokers, customer enquires about the best mortgage rates for buy to lets were much higher than requests for information about multi-unit freehold blocks and higher value HMOs.
The increase in available funds will help investors that want to build stronger and larger portfolios find funding through Keystone. One of the reasons why Keystone funding is so desirable is due to the fact that unlike other lenders, the bank does not impose a limit on the amount of loans that an individual can have out at one time.
Managing Director of Keystone Buy to Let Mortgages and Mortgages for business, David Whittaker stated that one of the largest reasons that they created Keystone at the start of 2012 was to help professional landlords that have not been able to find great buy to let mortgage rates out on the open market.
This is due to the fact that mainstream buy to let lenders oftentimes are more familiar with the homeowner market and therefore do not properly cater to the needs of buy to let loaners. The mainstream lenders may offer loans, but not enough to meet their needs.
Whittaker continued to say that increasing the maximum loan amount clearly shows that Keystone is ready to quickly respond to the investors’ needs and their on-going requirements to make sure that it is simple and easy to increase and expand portfolios. This should help loaners during time when housing ends up in short supply such as now with Britain becoming a rental housing market.
For strong and especially worthy applications the bank has increased their lending scale with a minimum that comes in at £50,000 and has some great mortgage rates to make the higher loan amount attractive to potential loaners. There can be exceptions made to both the minimum and maximum loan amounts dependent on the strength of the application.
Keystone Buy to Let Mortgages is a new product offered with full funding from the Aldermore Bank and is only offered via Mortgages for Business. Managing director of commercial mortgages of Aldermore stated that it has only taken the brand a short period of time to prove that it is one of the top lenders for landlords.